Why people trusted Satoshi Nakamoto and bought first BTC coins 10 years ago?

[Maxtron73 3269]

I think simply that since it was something new and so people started to buy small amounts of bitcoin like 50-100 $ . They would think let's see what happens and If i should lose my money it is a very small amount after all. Then later price was getting quickly higher and this Lured other people to decide to buy bitcoin because price of this small and new asset was going higher 

[Agios 1763]

If you look at the history of the Bitcoin project, initially in 2009 it was very worthless (no value), they and their team certainly worked hard and continued to promote Bitcoin as a medium of exchange. In 2010, Laszlo Hanyecz bouht 2 pizza for 10,000 BTC and the first time there was a Bitcoin exchange. In 2011 there was a Bitcoin faucet site with the aim that many people get to know Bitcoin, including me when it started getting acquainted with Bitcoin, Since then people started to believe in Satoshi Nakamoto, and the use of Bitcoin as a medium of exchange began to be accepted.

[Pearls Before Swine 815]

He didn't sell his bitcoins that anyone knows of.  The genesis block hasn't moved since the beginning, so I'm not sure what OP is talking about.  Satoshi also has waaay more than 50 bitcoins by the way and those haven't moved.  Ever. 

 

And man, I wish I'd been into bitcoin back in 2009 or even 2012.  But I hadn't even heard of it until about 2013 or so and I was reluctant to even buy any until later than that.  My mistake, but I still think there's money to be made.

[lucky80 1046]

2 hours ago, Agios said:

If you look at the history of the Bitcoin project, initially in 2009 it was very worthless (no value), they and their team certainly worked hard and continued to promote Bitcoin as a medium of exchange. In 2010, Laszlo Hanyecz bouht 2 pizza for 10,000 BTC and the first time there was a Bitcoin exchange. In 2011 there was a Bitcoin faucet site with the aim that many people get to know Bitcoin, including me when it started getting acquainted with Bitcoin, Since then people started to believe in Satoshi Nakamoto, and the use of Bitcoin as a medium of exchange began to be accepted.

So you are saying people don't trust the idea before the bitcoin faucet was found? Am i missing something here, mate? 

[Agios 1763]

9 minutes ago, lucky80 said:

So you are saying people don't trust the idea before the bitcoin faucet was found? Am i missing something here, mate? 

Not that I mean it, but the faucet site is also one way to introduce bitcoin at that time, of course they (Bitcoin team) also do hard work and many other promotions.

[lucky80 1046]

 

On 12/26/2019 at 10:02 AM, Jack842 said:

Some people take risk , they don't know whether it will be profit or loss.

We all know there always risk in every investment but why they take the risk? There must be a clear reason.

[BTC Future 3946]

On 11/29/2019 at 12:46 PM, Brushless4500KV said:

We all know that the fictional character named Satoshi Nakamoto first created bitcoin about ten years ago. He was the person who mined the first 50 bitcoins. Today, even after a decade, still no one knows who was the real Nakamoto!

Something I don't understand is that how he managed to sell his bitcoins anonymously? How early adopters trusted bitcoin when they didn't know about its value?

When something new is launched for the first time, it needs time to be accepted and used by people but this is not the case with bitcoin because it gained popularity like a bomb!

Why you should trust someone you don't even know and use its payment system for your transactions? If it were you, did you pay for an unknown coin developed by some unknown person?!

 

 

In the past there was a way to sell Bitcoins undetected. There were forums were you could meet people and sell person to person. Localbitcoins wasn't been tracked by authorities as well, because they didn't know of it. And many people managed to sell Bitcoins to paper cash and went off undetected if they also took the right steps to cover their online tracks.

[Suhannewaz 245]

It looks like all this has been done so often, if you say why we can trust someone we don't know. Isn't all that we know today and we don't use anything we know about. It's not only Satoshi, therefore. Because it's not a person's product.

[urooc 218]

people trust on the satoshi that he had brought out btc because they want to show something new and informative if they didn't brought it than no one will be able to use, invest or earn from bitcoin. they have the vision that it might become familar in their coming year . so that why he brought that for people use and make people familar with it.

[urooc 218]

people trust on the satoshi that he had brought out btc because they want to show something new and informative if they didn't brought it than no one will be able to use, invest or earn from bitcoin. they have the vision that it might become familar in their coming year . so that why he brought that for people use and make people familar with it.

[Man 741]

I also don't know how people trusted Bitcoin 10 years ago. Is not before, the beginning of Bitcoin was created. That said Bitcoin is a fraud. And in the end, it is now a strong currency.

[McCree 713]

They trusted him because they didn't have much to lose if this was a failed initiative. Back then bitcoin was worth pennies so it was easy to obtain 1000 without much loss.

[Investors Blog 385]

They trusted the techonology and they believe that one day this currency will take over the digital payment industry by surprise and it happens. Some analyst says that Satoshi is not a human being but rather a group of techy people that work together in creating this digital revolution.

[kadayakito 765]

I haven't bought bitcoins 10 years ago so it's hard to say exactly. But I think that is people's belief and they see bitcoin as a good currency, and the price of bitcoin 10 years ago was low.

[Hatred 1388]

On 11/29/2019 at 6:46 PM, Brushless4500KV said:

We all know that the fictional character named Satoshi Nakamoto first created bitcoin about ten years ago. He was the person who mined the first 50 bitcoins. Today, even after a decade, still no one knows who was the real Nakamoto!

Something I don't understand is that how he managed to sell his bitcoins anonymously? How early adopters trusted bitcoin when they didn't know about its value?

When something new is launched for the first time, it needs time to be accepted and used by people but this is not the case with bitcoin because it gained popularity like a bomb!

Why you should trust someone you don't even know and use its payment system for your transactions? If it were you, did you pay for an unknown coin developed by some unknown person?!

 

 

Well, maybe they think that satoshi's creation has a great future. That's why they give their trust to it and I think they trusted the right one. Its because as of now, bitcoin became popular and lots of people are getting rich easily.

[Brushless4500KV 4214]

On 1/21/2020 at 10:48 AM, Investors Blog said:

They trusted the techonology and they believe that one day this currency will take over the digital payment industry by surprise and it happens. Some analyst says that Satoshi is not a human being but rather a group of techy people that work together in creating this digital revolution.

Bitcoin is run based on Blockchain technology and the history of blockchain dates back to 2 or even 3 decades ago when there were still no cryptography or cryptocurrency. So, when bitcoin was revealed in 2009, it was a totally new concept and when people didn't have any experience with it, how could they trust it? Do you think people trusted bitcoin just by reading a whitepaper about it? I think the main reason lies elsewhere. Maybe some people were just encouraged to volunteer to try bitcoin and publish their findings to inform other people.

[Honny143 13612]

I don't that time every one trust in bitcoin and satoishis nakamoto because 10 years back every one have no internet and the bitcoin block chain and crypto graphic technology new for every one and this type of digital currency is new so I believe they can easily trust but  I think that time so many expert still trust this project

[Nurul Huda 944]

On 11/30/2019 at 8:56 AM, Naga said:

People trusted the product more than his creator because to most people who saw bitcoin back then it was defined as digital gold because its codes and how it worls with halving and all that it sounded like a good system. 

Actually they trust the product more than the creator because what they are looking for is only the benefits of the product because what many people see is mostly bitcoin at that time defined as digital gold which always provides benefits for all so that up to now many people pursue their products from the creator.

[Gafar 63]

Maybe I will do that. It was very cheap and nobody knows what would happen if I bought $ 1 that was enough to buy a bit of bitcoin and leave it in the wallet.

[BTC Future 3946]

On 11/29/2019 at 12:46 PM, Brushless4500KV said:

We all know that the fictional character named Satoshi Nakamoto first created bitcoin about ten years ago. He was the person who mined the first 50 bitcoins. Today, even after a decade, still no one knows who was the real Nakamoto!

Something I don't understand is that how he managed to sell his bitcoins anonymously? How early adopters trusted bitcoin when they didn't know about its value?

When something new is launched for the first time, it needs time to be accepted and used by people but this is not the case with bitcoin because it gained popularity like a bomb!

Why you should trust someone you don't even know and use its payment system for your transactions? If it were you, did you pay for an unknown coin developed by some unknown person?!

 

 

I don't think that they trusted Satoshi as a person, instead they trusted the code he did write and also were positevely surprised by the whitpaper.

These cypherpunks understood the imporance of a digital currency and already had in mind the past failed effords. They also knew that p2p technology was promoting freedom and that centralization was causing concerns and distrust.

Lastly they understood technologies as Hashcash and cryptographic encryptions such as HASH256 Bitcoin is using, plus their functions.

So Satoshi combining all these and creating the code for Bitcoin was met by enthusiasm, even though Satoshi was completely uknown in their circle at that point.

Edited January 25, 2020 by BTC Future

[Gafar 63]

Yes, I think that people paid a very small amount, you could have paid $ 1 and bought a quantity of bitcoin, and this is a very simple amount that anyone can dispense with.

[Sohel Rana 406]

On 11/29/2019 at 4:46 PM, Brushless4500KV said:

We all know that the fictional character named Satoshi Nakamoto first created bitcoin about ten years ago. He was the person who mined the first 50 bitcoins. Today, even after a decade, still no one knows who was the real Nakamoto!

Something I don't understand is that how he managed to sell his bitcoins anonymously? How early adopters trusted bitcoin when they didn't know about its value?

When something new is launched for the first time, it needs time to be accepted and used by people but this is not the case with bitcoin because it gained popularity like a bomb!

Why you should trust someone you don't even know and use its payment system for your transactions? If it were you, did you pay for an unknown coin developed by some unknown person?!

 

That time bitcoin price almost 1 or 2 dollars but many people don’t know about bitcoin and blockchain technology. But some people understand about bitcoin and blockchain technology real value and they brought and hold bitcoin now they are grainer.That's why I think that time only few people trusted satoshi nakamato.

 

[Nurul Huda 944]

On 1/24/2020 at 7:21 PM, Gafar said:

Maybe I will do that. It was very cheap and nobody knows what would happen if I bought $ 1 that was enough to buy a bit of bitcoin and leave it in the wallet.

If I already think about it, instead I agree if you buy it because it's very cheap to buy because it feels enough to buy a little bitcoin and leave it in your wallet as a coin that is stored by you.

[Mandoy01 1196]

On 11/30/2019 at 9:56 AM, Naga said:

People trusted the product more than his creator because to most people who saw bitcoin back then it was defined as digital gold because its codes and how it worls with halving and all that it sounded like a good system. 

I do agree that we trusted his technology rather than the creator. It is normal since we do not know who is Satoshi Nakamoto and he is a living legend and at the same time a living mystery. But even though the trust was not there the respect is present. I salute the man for creating this technology that changed my life for 3 years.

[el-Muhammady 718]

On 1/14/2020 at 10:06 AM, BTC Future said:

In the past there was a way to sell Bitcoins undetected. There were forums were you could meet people and sell person to person. Localbitcoins wasn't been tracked by authorities as well, because they didn't know of it. And many people managed to sell Bitcoins to paper cash and went off undetected if they also took the right steps to cover their online tracks.

this is not the project with bitcoin for the reason that it gained popularity like a bomb and why you must trust someone you don't flat tell and operation its payment system for your transactions